Shariah-Adviser

 

Shariah Adviser- BIMB Securities Sdn Bhd (“BIMB”)

BIMB has been appointed as the Shariah Adviser for the Eastspring Investments Dana al-Ilham, Eastspring Investments Dana al-Islah, Eastspring Investments Dana Dinamik, Eastspring Investments Islamic Income Fund and Eastspring Investments Dinasti Equity Fund, Eastspring Investments Islamic Small-cap Fund, Eastspring Investments Islamic Equity Income Fund and Eastspring Invstments Wholesale Sukuk Fund (the “Funds”). BIMB Securities Sdn Bhd will provide Shariah advisory services on the mechanism of the operations of the Funds to ensure the Funds comply with Shariah requirements as stipulated by the SC.

General Information of BIMB

BIMB Securities Sdn Bhd is a stockbroking subsidiary of BIMB Holdings Berhad. It was incorporated on 21 February 1994. The corporate mission of BIMB Securities Sdn Bhd is to be an active participant in a modern, innovative and dynamic Islamic capital market in Malaysia, catering for the needs of all investors, Muslims or non-Muslims, looking for Shariah-compliant investment products and services.

Experience in Advisory and Services

BIMB Securities Sdn Bhd is registered with the SC to act as a Shariah adviser for Shariah-compliant products and services regulated by the SC, which include collective investment schemes. BIMB Securities Sdn Bhd is independent from the Manager and do not hold office as a member of the investment committee of the same Funds or any other fund managed and administered by the Manager. As at 31 October 2018, BIMB Securities Sdn Bhd is a corporate Shariah adviser to 42 Islamic unit trust funds.

Roles and Responsibilities of BIMB as the Shariah Adviser

As the Shariah Adviser, the role of BIMB Securities Sdn Bhd is to ensure that the investment operation and management of the Funds is in compliance with Shariah requirements. The Shariah Adviser reviews the Funds’ investments on a monthly basis to ensure Shariah compliance and it also reviews all the Funds’ interim and annual reports.

Nonetheless, the final responsibility for ensuring Shariah compliance of the Funds in all aspects of operation and management rests solely with the Manager. In line with the SC’s guidelines, the roles of BIMB Securities Sdn Bhd as the Shariah Adviser are:

1. to advise on all aspects of the Funds and fund management business in accordance with Shariah principles, specifically as resolved by the SAC of the SC;
2. to provide Shariah expertise and guidance in all matters, particularly on the Funds’ deed and prospectus, fund structure, investments and other operational matters;
3. to ensure that the Funds are managed and operated in accordance with Shariah principles as determined by the relevant SC regulations and standards, including resolutions issued by the SAC of the SC;
4. to review the Funds’ compliance reports as provided by the Manager’s compliance officer and investment transaction reports provided or duly approved by the Trustee, to ensure that the Funds’ investments are in line with Shariah principles;
5. to issue a report for inclusion in the Funds’ annual and interim reports stating the Shariah Adviser’s opinion on the Funds’ compliance with the Shariah principles in its operation and management for the financial period concerned;
6. to consult the SC where there is ambiguity or uncertainty as to an investment, instrument, system, procedure and/or process; and
7. to meet with the Manager beside on a quarterly basis when urgently required for review of the Funds’ operation and management.

Profile of the Shariah Team

Ir. Dr. Muhamad Fuad bin Abdullah ("Dr. Muhamad Fuad")

Dr. Muhamad Fuad, the designated person in-charge of all Shariah matters in BIMB Securities Sdn Bhd is also appointed to the Shariah Advisory Committee of BIMB Securities Sdn Bhd effective 1 June 2011. He graduated with a Bachelor of Science Degree in Electrical Engineering in 1977 and a Master of Philosophy Degree in Electrical Engineering in 1982, both from the University of Southampton, England. He also obtained a Bachelor of Arts (Jayyid) Degree in Shariah from the University of Jordan in 1994 and a Doctor of Philosophy in Muslim Civilization from the University of Aberdeen, Scotland in 1996.

He is a registered Shariah adviser (2019-2022) with the SC and is a member of the Shariah Advisory Committee of BIMB Securities Sdn Bhd. He sits on the Shariah committees of Public Islamic Bank Berhad and AIA-Public Takaful Berhad. He is the non-executive chairman of Gagasan Nadi Cergas Berhad and a board member of Universiti Tun Abd Razak Sdn Bhd (“UniRAZAK”). He is the president of the Association of Shariah Advisers for Islamic Finance (“ASAS”) and was an executive committee member of ASAS from its inception in 2012 until 2018. Dr. Muhamad Fuad is a recipient of the National Book Award 2015 for his book published by IKIM entitled "The Influence of Islam Upon Classical Arabic Scientific Writings: An Examination of the Extent of Their Reference to Quran, Hadith and Related Texts”.